Saturday, September 15, 2007
In a blast from the past, this agweb article referred to a proposal to reduce the EU set-aside from 10 percent to 0. This was new to me--I thought the EU and the US had done away with production adjustment. On doing a very little research it looks as if it was a cross between the US "Conservation reserve Program" and the annual set-aside programs we had at times in the 1970's-1990's. Like CRP in that the 10 percent level was "permanent" (as of 1999) and not changeable from year to year. Except now it's proposed to be changed. $8 wheat futures will do that to you.